NCUA Board Agenda Missing Corporate Rule and Legacy Assets

The NCUA Board will miss its self-imposed deadline for a corporate restructuring rule and legacy assets plan at its September board meeting.

NCUA spokesman John McKechnie issued a statement merely stating, "The NCUA Board has decided to consider these issues at a meeting in the near future."

Instead the agency will be taking up the insurance fund premium; final rules on secondary capital accounts and payday loan alternatives; and an appeal of a region denial for a community charter from Vantage Credit Union. In addition the board will receive a briefing on the Dodd-Frank implementation and the insurance fund. The board will also consider the adoption of FASAB standards for financial reporting on the NCUSIF.

"While there is much anticipation within the movement to move forward on both the final rule and the legacy assets, we appreciate that NCUA is taking the time to do the work it feels it must do to get both right," said Pat Keefe, CUNA vice president of communications.

Carrie Hunt, senior counsel and director of regulatory affairs at NAFCU, said: "Our members have been waiting for a final corporate rule and legacy asset plan for some time and the lack of details regarding NCUA's legacy asset plan has been frustrating for the entire industry.

While we want to be able to take the next step to come to a final resolution regarding the future of corporate credit unions, we certainly want NCUA to come up with a well-structured solution and would not want the agency to release a plan that is premature. NAFCU would urge the agency to finalize the rule and plan as soon as possible and we look forward to giving the agency our input."